Bengaluru-based electric-vehicle manufacturer 3ev Industries has closed a ₹120 crore Series A funding round, led by Mahanagar Gas Limited (MGL) — marking the gas company’s first major bet into India’s EV sector. MGL committed ₹96 crore as the principal investor, while additional funds came from Equentis Angel Fund, Thackersey Group, and a group of high-net-worth and ultra-high-net-worth individuals and family offices.
According to 3ev, the fresh capital will help expand its manufacturing capacity and support the launch of a new “3C” division covering Charging infrastructure, Care & maintenance, and EV Conversions. The firm also plans to invest in supply-chain integration and R&D targeting advanced technologies such as regenerative-braking systems, novel materials and solar-enabled cold-chain EV solutions.
This funding comes at a time when 3ev is witnessing strong growth: the company nearly doubled its vehicle sales — from 438 units in FY24 to around 834 in FY25 — while revenues surged from ₹17.8 crore to ₹54.7 crore. For FY26, 3ev targets revenue of ₹65 crore, with hopes of delivering a positive EBITDA. The firm believes increasing demand for L5-category electric three-wheelers — driven by India’s shift toward greener last-mile transport — positions it well for future growth.
With Mahanagar Gas stepping in as a major backer, the move signals rising institutional confidence in EV manufacturing and infrastructure in India.
